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Payhawk becomes a principal member of Visa Europe

Wednesday 1 November 2023 14:34 CET | News

Global spend management solution Payhawk has received principal member status from Visa, advancing its mission to simplify business payments.

 

The membership grants Payhawk the ability to directly issue Visa cards without relying on third parties and provides Payhawk with greater control of its payment infrastructure. This will accelerate innovation and help to ensure even greater service reliability and resilience.

Officials from Payhawk said that with their new Visa membership and their recently granted Electronic Money Institution (EMI) licence, one of their top priorities is further expanding their payment options. For example, they currently offer customers the choice between debit and credit cards in some markets, but they want to offer this flexibility to all their clients.

Payhawk has received principal member status from Visa, advancing its mission to simplify business payments.

To receive principal membership with Visa, Payhawk had to undergo a rigorous application process and pass an audit conducted by Visa to ensure that the company meets all applicable operational, and regulatory requirements. Payhawk was also recently granted an EMI license, with access to the entire EEA, from the Bank of Lithuania which further confirms its adherence to robust capital, regulatory and security standards.

Payhawk’s team added that they are thrilled to now be a principal member of Visa. Together with their EMI licence, they are able to control more of the payment processing stack, and therefore able to move faster and optimise the infrastructure to best address the needs of their clients.

Also commenting on this development, Visa’s representatives said they are pleased to collaborate with Payhawk, recognising it as an innovative fintech combining product development and a customer-first approach. Their colalboration will help unlock opportunities for Payhawk clients, underpinned by a robust regulatory framework.

What does Payhawk do?

Payhawk is a spend management solution for domestic and international businesses throughout Europe, the US, and the UK. Combining company cards, reimbursable expenses, accounts payable, and seamless accounting software integrations into a single product, Payhawk makes business payments easy — for everyone.

Payhawk helps customers in over 32 countries to maximise efficiency, control spending at scale, and stay agile. With offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, Sofia, and New York, Payhawk’s diverse customer base includes top names like LuxAir, Babbel, Vinted, Wallbox, and Wagestream.

More information about Visa

Visa is a prominent player in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Their mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. They believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.


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Keywords: payment processing, EMI licence, regulation, debit card, credit card
Categories: Payments & Commerce
Companies: Payhawk, Visa
Countries: World
This article is part of category

Payments & Commerce

Payhawk

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Visa

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